We investigate a non-parametric method to estimating marginal propensities to consume (MPC) using regression splines. This approach complements existing methods by relaxing a number of strong requirements on the part of the theory, otherwise necessary to acquire identification. Specifically, we...

This paper studies consumption and savings decisions of Danish households before and during the financial crisis as well as in the more recent years characterized by negative policy rates. While all household groups decreased their consumption ratios immediately in response to the financial...

I papiret undersøges anvendeligheden af en ikke-parametrisk metode, en såkaldt regression spline, til estimation af husholdningers marginale forbrugstilbøjelighed. I forhold til eksisterende metoder kræver denne tilgang færre teoretiske antagelser for identifikation. Mere specifikt vises...

This paper studies consumption and savings decisions of Danish households before and during the financial crisis as well as in the more recent years characterized by negative policy rates. While all household groups decreased their consumption ratios immediately in response to the financial...